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Starbucks CEO Howard Schultz Responds To Stock Market Downturn By Urging Employees To ‘Be Very Sensitive’

Aug 26, 2015 03:04 PM EDT | By Michael Smith

Starbucks Chairman and Chief Executive Officer Howard Schultz is urging baristas, whom he refers to as "partners," to "be very sensitive" to customers at locations around the country.

His reason? The recent stock market downturn. Earlier this week, stock values around the world dropped dramatically. The United States stock market, for example, has already surrendered $2.1 trillion of value. 

Schultz explained in a memorandum sent to Starbucks employees that "today's financial market volatility, combined with great political uncertainty both at home and abroad, will undoubtedly have an effect on consumer confidence," the Chicago Tribune reports. 

"Our customers are likely to experience an increased level of anxiety and concern.," he added. "Please recognize this and - as you always have - remember that our success is not an entitlement, but something we need to earn, every day."

Earlier this month, Schultz and his wife Sheri promised $30 million for a new youth workforce initiative aimed at hiring over 100,000 young people over the next three years. 

The initiative, which is led by more than a dozen companies across the country, seeks to address the high unemployment rate for youth. JP Morgan Chase, Macy's, Target and Walmart are all part of the program, TIME reports. It began with a large employment fair held on Aug. 13 in Chicago. 

"This is not charity. It solves a real business problem: According to one study, one-third of employers surveyed have trouble filling open positions because of talent shortages, and 43 percent say those shortages hurt their business," the couple wrote in a New York Times editorial

Starbucks was established in 1971. 

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